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World's Most Expensive Cities Named

June 21, 2007, 11am PDT

Moscow is the world's most expensive city, at 35% more expensive than living in new York. Asuncion in Paraguay is the least expensive city for the fifth year running.

Moscow is the world's most expensive city for expatriates for the second consecutive year, according to the latest Cost of Living Survey from Mercer Human Resource Consulting. London is in second position, climbing three places since last year. Seoul moves down one place in the ranking to take third place, followed by Tokyo in fourth. Asuncion in Paraguay is the least expensive city for the fifth year running.

Mercer's annual Cost of Living Survey covers 143 cities across six continents and measures the comparative cost of over 200 items in each location, including housing, transport, food, clothing, household goods and entertainment.* It is the world's most comprehensive cost of living survey and is used to help multinational companies and governments determine compensation allowances for their expatriate employees.